Many Bitcoin millionaires, who own more Bitcoin than most crypto owners, are still actively buying the digital currency when its price decreases. They view these price drops as chances to add more to their existing hoards and hold on to it long-term.
Whale Appetite For Bitcoin Continues To Grow
Large-scale Bitcoin investors have been driving up the demand for the cryptocurrency contrary to what might seem obvious. While it’s commonly assumed that small-time investors are the ones buying more Bitcoin, data from CryptoQuant indicates otherwise.
Based on data from a Bitcoin analytics company, the monthly demand for the cryptocurrency has grown by approximately 11%, reaching one of its all-time highest levels. A sizeable chunk of this increased demand can be attributed to large-scale Bitcoin investors, who have been actively purchasing the token at an accelerated rate.
In a recent blog post, Julio Monero, the Head of Research at CryptoQuant, explained that the increase in demand for Bitcoin from large holders, or “whales,” has been a significant factor driving up prices in the cryptocurrency market. The report reveals that the interest in Bitcoin among these major investors has reached unprematched heights, highlighting the currency’s significance and widespread acceptance as the first cryptocurrency.
In addition, the Bitcoin halving is coming up soon, fueling increasing excitement about its potential impact on the digital currency’s future. This periodic event could explain the recent surge in demand among major investors for Bitcoin, as they believe the market will rise after the halving occurs. Crypto enthusiasts and experts alike are optimistic that BTC prices will increase following this event.
Crypto Analyst Reveals BTC’s Next Price Target
On Taylor the Fourth, April, Ali Martinez, a well-known cryptocurrency forecaster, expressed his belief that Bitcoin might reach a new peak price if it manages to surpass the $70,800 mark.
Martinez showed great interest in Bitcoin’s price trend as depicted in the chart, hinting at a possible bullish surge for the cryptocurrency. According to his technical analysis, if Bitcoin manages to stay above the $70,800 mark, its next significant gain could reach up to $85,000.
According to market analysis tool Santiment, investors currently see potential drops in Bitcoin’s value as buying chances during market turmoil, with anxiety levels remaining elevated, hinting at an upcoming price rebound.
When I’m writing this, Bitcoin is priced at $70,895 based on data from CoinMarketCap. This represents a 2.84% growth in the past 24 hours and a weekly surge of 6.94%. Bitcoin has surpassed Martinez’s predicted mark of $70,800. It remains to be determined if Bitcoin can maintain its current price level, potentially leading to further gains towards $85,000.
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2024-04-11 20:41